Novatek posts 2Q 2011 net profit of 14.421 billion roubles

Russian gas producer, Novatek, has posted a 2Q 2011 net profit of 14.421 billion roubles under IFRS.

The bottom line is up 102% on the 2Q 2010 net profit of 7.139 billion roubles, with 2Q EBITDA climbing 69% year on year to 19.844 billion roubles, as 2Q revenues jumped 57.8% year on year to 40.576 billion roubles.Novatek says the figures reflect a 29% increase in gas production, boosted by a sharp increase in production from its Yurkharovskoye field, which fed through as a 59.9% increase in sales revenues, on the back of higher sales prices. It noted that this offset a 42.8% increase in operational expenses, largely reflecting higher transportation costs.